- The growth of this market is driven by the increasing demand for renewable energy sources.
- The global low voltage protection and control market is dominated by few major players that have a wide regional presence.
- The Asia Pacific region is expected to hold the largest market share.
The global low voltage protection and control market is expected to grow from an estimated $13.2 billion in 2018 to $19.8 billion by 2025, at a CAGR of 5.97%. The growth of this market is driven by the increasing demand for renewable energy sources, growing per capita consumption of energy, and demand for safe and secure electrical systems.
The global low voltage protection and control market is dominated by few major players that have a wide regional presence. The leading players in the low voltage protection and control market are Schneider Electric (France), ABB (Switzerland), Siemens (Germany), Eaton (Ireland), and Emerson (US).
The major strategies adopted by the players include new product launches, investments & expansions, mergers & acquisitions, contracts & agreements, partnerships, and collaboration. Mergers & acquisitions was the most commonly adopted strategy from August 2015 to November 2018. These industry players also adopted contracts & agreements and new product launches as major strategies during that period.
The Asia Pacific region is expected to hold the largest market share for the residential segment between 2018 and 2025 because China and India are among the top 5 populated countries as well as the fastest growing economies. On the other hand, these countries have specific renewable energy aims that support their carbon emission targets which further supports the implementation of low voltage protection and control equipment.
North America is the second largest region, with countries such as the the US, Canada, and Mexico, that is investing in upgrading its old transmission and distribution infrastructure and smart grid infrastructure. Also, there is an an increased focus on energy efficiency and emphasis on carbon reduction which offers opportunities to the major players in the region. This is expected to boost the market for low voltage protection and control equipment as they would be intensively used to make the grid reliable and safe for operations.
“Vacuum Interrupter Market by Application (Circuit Breaker, Contactor, Recloser, Load Break Switch, & Tap Changer), End User (Oil & Gas, Mining, Utilities & Transportation), Rated Voltage and Region – Global Forecast to 2024”